09:13 AM EDT, 10/22/2024 (MT Newswires) -- Consumer stocks were declining premarket Tuesday, with The Consumer Staples Select Sector SPDR Fund ( XLP ) 0.2% lower and The Consumer Discretionary Select Sector SPDR Fund ( XLY ) down 0.7%.

Philip Morris International ( PM ) shares were up past 4% after the company reported higher Q3 adjusted earnings and revenue in addition to raising its full-year guidance.

Kimberly-Clark ( KMB ) shares were down more than 5% after the company reported lower Q3 net sales.

Cheesecake Factory ( CAKE ) shareholder JCP Investment Management has urged the company to spin off three of its smaller brands into a separate publicly traded company, The Wall Street Journal reported, citing unidentified sources familiar with matter. Cheesecake Factory ( CAKE ) shares were up over 3% premarket.